If you’re considering building a new home within your budget, Coridale Estate has available land that you can snap up for a house and land package in Lara with Geelong Homes.
There are no ifs, buts, or delicate dancing around it. Getting into the property market in today’s economic climate is hard.
It’s even harder not to get swept up in the doomsday media reports of a record number of Australians simply giving up on homeownership. But don’t dampen your spirits or resign yourself to a renter’s life before you’ve explored all your options. Finding an opening into the property market is hard. Hard, but not impossible.
Coridale, a master-planned community in Lara developed by Villawood Properties, has become an attractive option for those looking to build their dream homes. Its tranquil setting, proximity to public transport, future retail, and Lara Town Centre, and the promise of a close-knit community make it a prime location for families and individuals alike.
One of the standout features of Coridale Estate is its abundance of amenities that cater to residents’ everyday needs and leisure activities. Future homeowners will enjoy a future supermarket, retail and community centre and the exclusive residents-only Club Coridale. Club Coridale is a multi-million dollar landscaped resort-style facility that features a fully-equipped gymnasium, swimming pool, and a multi-purpose sports court.
Practical Tips for Building a Budget-Friendly Home in Coridale, Lara
Here are some of the ways Geelong Homes’ clients are defying the odds and slipping a foot through the property market’s seemingly closing door.
Set a Realistic Budget
The first and most crucial step in building a new home within your budget is to establish a clear and realistic financial plan. Consider your income, savings, and any additional sources of funds you may have. It’s also vital to account for potential fluctuations in the construction market and hidden costs that may arise during the building process. By setting a budget and sticking to it, you’ll ensure that you have a solid financial foundation for your project.
Building with family and friends
The proverbial picket fence approach of homeownership with your significant other is still a popular method of combining incomes to front the costs. But singles (and couples with close knit circles) are deviating from tradition and opting instead to buy in with family and friends, making clever use of their income and the government’s Home Guarantee Scheme.
Geelong Homes’ Bickford 174 is making it an even easier decision with its zoned living floorplan. Sporting two living spaces and strategically separated bedrooms, its innovative design allows you the choice of coming together in communal areas and retreating to the haven of privacy in your own dedicated zone instead of each other’s pockets. This floorplan is also ideal for renting rooms to friends to help offset your mortgage costs without giving up your personal space.
Choose the Right Location in Coridale, Lara
Coridale Estate offers various options of lots for sale in unique and exciting location for your new home, and the site you choose can significantly impact your budget. Research the different home designs in Geelong Homes to identify the one that aligns best with your plot of land, lifestyle and budgetary constraints.
Smaller blocks with smarter homes
A quarter acre block isn’t always achievable (or affordable) for property market newcomers. The bigger the block, the bigger the price tag. Pivoting your expectations to be inline with your budget may mean setting your eyes on a smaller property to start with.
Smaller blocks are a more affordable choice but can have limited floorplan options with narrow frontages. Luckily, Geelong Homes has thought of that already with our Compact Range designed for blocks from 8.5m widths to 10.5m widths, and our Minerva 169 and Bickford 174 designed for 12.5m block widths, making it less of a squeeze and more of a breeze.
Work with Local Builders
One of the most effective ways to control costs is by collaborating with local builders who are familiar with Lara. Local builders often have established relationships with suppliers and can provide valuable insights into cost-effective construction methods. They can help you make informed decisions that align with your budget while ensuring that the final product meets your expectations.
With over 26 years’ of experience building in the region, Geelong Homes support local suppliers and have a team of trusted trades.
Prioritise Your Needs
When designing your new home, it’s essential to distinguish between your needs and wants. Prioritise the non-negotiable features, such as the number of bedrooms, bathrooms, and essential living spaces. Then, consider the amenities and design elements that would be nice to have but are not critical. Prioritising your needs will help you allocate your budget efficiently while still creating a home that suits your lifestyle.
Standard inclusions vs upgraded inclusions
We see it happening to unsuspecting first home builders all the time. They’re attracted to a lower priced home only to discover that the pristine quality of the display home they’ve walked through is saturated in costly ‘upgraded inclusions’ they’ll have to purchase to keep their vision alive. The soft carpet is an upgrade. The cabinetry is an upgrade. The bathroom tiles are an upgrade. And you’ve got to upgrade your budget to afford it.
Knowing what a ‘standard inclusion’ is vs an ‘upgraded inclusion’ should be a transparent process so you know that what you’re looking at is what you’ll get within your budget. That transparency is something Geelong Homes are incredibly proud to offer. Our standard inclusions include premium products such as a Colorbond roof, European appliances from Artusi, and quality carpet and underlay that stands up to the traffic of everyday life. And if you’re after extra opulence, our upgrade packs take your home to the next level without breaking the bank.
The costs of old versus new
Buying an established home has its benefits, but one major catch; how do you really know what you’re getting? Established homes can be full of hidden surprises – old pipes about to burst at the seams, faulty electrics, and compromised foundations could be just around the corner, ready to spring on your budget unsuspectingly. Building with Geelong Homes gives you the extra layer of security in not having to manage ongoing repairs and maintenance you didn’t know you were signing up for. You simply move in and enjoy.
Research Financing Options
Explore various financing options available to you, such as mortgages, loans, or grants. Additionally, keep an eye out for any government programs or incentives that may provide financial assistance for building a new home in Coridale, Lara.
One advantage of house and land packages is that the finished price is typically disclosed upfront, which can help you plan your budget effectively:
- When building a new home, you only pay stamp duty on the value of the land component, not the house.
- If you’re a first-home buyer, new homes built in regional Victoria and valued up to $750,000 can get a First Home Owners Grant of $20,000.
- For a limited time, First Home buyers can save $15,000 on land at Villawood Communities plus be eligible for Victoria State First Home Owners Grant.
- Two contracts are involved when purchasing a home and land package – one with the developer for the land and the other with the builder. However, you can bundle the finances in one construction loan to avoid having separate loans.
At Geelong Homes, we only require a deposit of just $2000 to secure the current pricing of your home and any relevant promotional offers.
Building with us means you’re building with confidence and certainty. You’re building with a team that has walked this road shoulder-to-shoulder with clients for nearly 30 years and will continue to deliver what we promise for decades to come.
Visit and experience firsthand our Riverside 246 home at the Coridale Estate – Lara display centre.
